The Dhaka Stock Exchange (DSE), the county's prime bourse, has rejected the appeals of two companies in its OTC market — Al-Amin Chemical Industries Limited and Rangamati Food Products Limited — to get listed on the DSE’s SME board.
The stock exchange sent separate letters to the companies in this regard on Thursday.
In letters, DSE said that it had conducted inspections in both the companies’ factory premises and head offices on October 8 and examined relevant papers, documents, and information in accordance with the relevant securities laws.
DSE found that Al-Amin Chemical and Rangamati Food raised capital of Tk 25 crore and Tk 40 crore respectively, without prior consent of the Bangladesh Securities and Exchange Commission, the letters said.
According to the DSE letter, Rangamati Food had submitted false and misleading information or documents regarding raising capital as well as utilisation of the fund, contravening section 18 of the Securities and Exchange Ordinance, 1969.
Al Amin Chemical has no environmental certificate or import registration certificate, the DSE letter said.
Its business strategic plan does not reflect the present operational status, it said.
“Therefore, the management of DSE is not in a position to transfer the company’s share from the OTC market to the SME market,” the DSE letters to the companies said.
In May 2022, the Bangladesh Securities and Exchange Commission (BSEC) allowed Monarch Mart Limited and Monarch Express Limited, which are owned by cricketer Shakib Al Hasan and others, to buy 2.40 per cent and 4.8 per cent shares of Al-Amin Chemical, respectively.
